Latest news with #CreditOman
Zawya
a day ago
- Business
- Zawya
Omani exporters familiarised with modern customs systems
MUSCAT: The Directorate-General for Trade, Industry and Investment Promotion in Al Batinah North Governorate, in collaboration with Credit Oman, wrapped up a training programme for Omani export companies focused on navigating modern customs systems and understanding the laws and regulations related to trade and export. The four-day programme, which concluded on July 30, 2025, involved 30 entities in the governorate active in the import and export sectors. Said bin Rashid al Balushi, Director of the Investment Promotion Department at the Directorate-General for Commerce, Industry and Investment Promotion in Al Batinah North, stated that the training programme is part of the ministry's efforts to support and empower Omani exporters by raising awareness of the technical and procedural aspects related to the harmonised system and customs tariffs. He emphasised that this is a critical foundation for facilitating the movement of goods and enhancing trade exchange. He added, 'Through this training programme, we aimed to create a supportive environment for Omani exports and enable institutions to capitalise on opportunities for access to global markets by gaining a deeper understanding of customs systems and credit insurance mechanisms, thus enhancing the competitiveness of national products on regional and international levels.' Ali bin Khamis al Fazari, a customs expert and trainer for the programme, remarked, 'Customs play a fundamental role in organising and facilitating international trade. We provided participants with the necessary knowledge to understand the harmonised system, which is a crucial tool in international trade that clearly defines the customs classifications of goods, thereby streamlining customs processes more efficiently.'
Observer
5 days ago
- Business
- Observer
Training empowers exporters on customs and tariff procedures
MUSCAT: A specialised training programme on the "Harmonised System and Customs Tariffs" began on Sunday, 27 July 2025, at the Liwa Centre for Science and Innovation. Organised by the Ministry of Commerce, Industry, and Investment Promotion in cooperation with Credit Oman — the government-owned firm specialising in commercial credit insurance — the four-day event runs from July 27 to 30 and is attended by a number of exporters and representatives from Omani exporting companies. The initiative aims to equip participants with the knowledge needed to navigate modern customs systems effectively and avoid procedural errors that could disrupt trade operations or result in shipment delays and financial penalties. Ali bin Khamis al Fazari, an expert and trainer in customs procedures, delivered the programme's introductory lecture. He explained the stages and steps involved in customs clearance, offering a comprehensive overview of various types of customs data, taxes applied to goods, and the different categories of approved customs exemptions. Ahmed bin Hamdan al Farsi, Media and Marketing Specialist at Credit Oman, gave a visual presentation outlining the company's role in supporting Oman's national export ecosystem. He highlighted the importance of credit insurance as a strategic tool for Omani exporters to reduce commercial risks, allowing them to sell goods both locally and internationally with greater assurance and protection against buyer defaults or non-payment. Al Farsi also elaborated on the primary categories of risks covered by Credit Oman, including commercial risks such as non-payment by buyers or financial insolvency, as well as non-commercial risks resulting from government-imposed restrictions in importing countries or sudden political and economic events. Further, the programme addressed ways to access international markets and showcased Credit Oman's range of insurance products. These include local credit insurance for domestic sales, export credit insurance for overseas markets, and the "Multiple Buyers" policy, which offers comprehensive coverage for a group of clients under a single contract. This training initiative reflects the Ministry's ongoing efforts to boost exporters' awareness of customs regulations and procedural requirements. It aims to streamline export and import activities, enhance compliance with both local and international standards, and strengthen the capacity of Omani companies to handle customs-related challenges and adapt to changes in the global trading environment.
Arab News
29-06-2025
- Business
- Arab News
Oman's GDP grows 4.7% as non-oil sectors expand
RIYADH: Oman's gross domestic product at current prices grew by 4.7 percent year on year in the first quarter of 2025, reaching 10.53 billion Omani rials ($27.3 billion), compared with 10.06 billion rials during the same period in 2024. Preliminary data released by Oman's National Centre for Statistics and Information attributed the increase primarily to stronger performance in non-oil activities, which grew 4.1 percent to 7.13 billion rials compared to 6.85 billion rials a year earlier. Across economic sectors, agriculture and fisheries posted the highest growth rate, expanding 11.1 percent to 326.6 million rials. Industrial activities rose 2.8 percent to 1.97 billion rials, while services activities grew 4.2 percent with a total contribution of 4.84 billion rials to GDP. Oil activities also contributed to the overall expansion, recording a 6.8 percent increase in value-added, reaching 3.71 billion rials by the end of the first quarter of 2025, up from 3.47 billion rials in the same period of 2024. While crude oil activities declined 7.5 percent to 2.74 billion rials, natural gas activities saw a marked increase of 89 percent, with value-added rising to 970.8 million rials. This performance comes as Oman continues to strengthen non-oil sectors and diversify its economy. Earlier in June, Credit Oman reported that insured non-oil exports reached 61.2 million rials in the first quarter, a 6 percent increase from the same period last year, driven by higher shipments of construction materials, petrochemicals, mining products, and agricultural goods. Overall, the sultanate's broader non-oil exports rose 8.6 percent to 1.61 billion rials, accounting for 28.6 percent of total exports. The government is also pursuing fiscal reforms to support long-term growth. Under a royal decree, Oman will become the first Gulf country to introduce personal income tax, imposing a 5 percent levy on taxable income exceeding 42,000 rials per year starting in 2028. The measure is expected to apply to about 1 percent of the population. Earlier in June, the country's residential property market was reported to have shown renewed strength. Official data from Oman's National Centre for Statistics and Information indicated that residential property prices rose 7.3 percent year over year in the first quarter, led by a 6.5 percent increase in residential land values, which form the largest component of the real estate index. Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and other residential units increased 2.2 percent. The overall residential real estate price index advanced 5.5 percent quarter over quarter. The gains reflect a broader regional upswing in property activity during early 2025.
Arab News
22-06-2025
- Business
- Arab News
Credit Oman insures $159m in non-oil exports Q1 amid sectoral gains
RIYADH: Oman's insured non-oil exports reached 61.2 million Omani rials ($159 million) in the first quarter of 2025, marking a 6 percent increase from the same period last year, according to Credit Oman. The Sultanate's export credit agency, which provides trade insurance and guarantees to support domestic and international exchange, cited growth in construction materials, petrochemicals, mining, and agriculture as key drivers, the Oman News Agency reported. This comes as Oman's broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector. The ONA report stated: 'Khalil bin Ahmed Al Harthy, CEO of Credit Oman, explained that the volume of insured export sales in the building and construction materials sector witnessed a growth of 24 percent, with a total value of 27.16 million rials.' Exports in the petrochemicals and plastics sector climbed 45 percent to 9.2 million riyals. The mining sector experienced the largest percentage growth, jumping 150 percent to 570,000 rials. Meanwhile, agricultural exports surged 96 percent to nearly 5 million rials, driven by increased demand and favorable market conditions. Despite the overall growth, Al-Harthy noted setbacks in some sectors, including packaging, fisheries, and apparel, adding that the results still reflect the broader progress of the national economy and the government's continued push for economic development. 'He pointed out that Credit Oman is making significant efforts to support Omani manufacturers and exporters, contributing to boosting their sales both locally and internationally by offering a range of insurance services and overcoming the challenges associated with Omani products entering global and new markets,' the OMA report added. In its earlier outlook, Credit Oman projected strong growth potential for the country's non-oil exports in 2025. The agency cited an estimated untapped export capacity of 5 billion rials, according to the International Trade Centre. However, it emphasized that realizing this potential would depend on evolving global trade conditions, particularly the impact of emerging tariff and non-tariff barriers, geopolitical uncertainty, and shifts in global economic trends. This growth comes after a challenging 2024, when Oman's non-oil exports declined 16 percent due in part to a reclassification of high-value fuel-related goods into the oil and gas category. The 2025 rebound suggests improved export diversification, aided by Credit Oman's efforts and favorable conditions in sectors like agriculture and plastics.
Observer
21-06-2025
- Business
- Observer
Export insurance grows 6% as Oman boosts non-oil sales
MUSCAT: The total value of insured Omani non-oil exports rose to RO 61.2 million in the first quarter of 2025, marking a 6% increase compared to RO 57.75 million recorded during the same period last year, according to Credit Oman. Khalil bin Ahmed al Harthy, CEO of Credit Oman, highlighted notable growth across several sectors. Export sales in the building and construction materials sector increased by 24%, reaching RO 27.16 million. The petrochemicals and plastics sector also posted a strong 45% rise, amounting to RO 9.19 million, while the mining sector saw an impressive 150% surge to RO 570,000. Meanwhile, the agricultural sector recorded a 96% growth, totalling around RO 5 million. However, he noted that some sectors such as packaging, fisheries and garments experienced a downturn, reflecting varying dynamics across industries. 'These results underscore the positive trajectory of the national economy and ongoing government efforts to support economic diversification,' Al Harthy stated. He added that Credit Oman continues to support Omani manufacturers and exporters by offering comprehensive insurance services and helping overcome market access challenges, particularly in new and international markets. Data also shows that overall non-oil exports from Oman increased by 8.6% in the first quarter of 2025, rising to RO 1.618 billion compared to RO 1.490 billion during the same period in 2024. — ONA
